Special Opportunities Fund, Inc. (NYSE:SPE) Sees Large Decline in Short Interest

Special Opportunities Fund, Inc. (NYSE:SPE) saw a large drop in short interest in the month of December. As of December 15th, there was short interest totaling 7,822 shares, a drop of 52.5% from the November 30th total of 16,465 shares. Based on an average daily volume of 25,850 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.1% of the shares of the company are sold short. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 25,850 shares, the days-to-cover ratio is presently 0.3 days.

Special Opportunities Fund Stock Performance

NYSE:SPE traded up $0.10 during mid-day trading on Friday, hitting $15.55. 59,990 shares of the company traded hands, compared to its average volume of 25,628. The stock’s fifty day moving average price is $15.26 and its 200-day moving average price is $15.41. Special Opportunities Fund has a one year low of $12.72 and a one year high of $15.98.

Special Opportunities Fund Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, January 30th. Investors of record on Monday, December 29th will be paid a dividend of $0.70 per share. This is a boost from Special Opportunities Fund’s previous monthly dividend of $0.11. The ex-dividend date is Monday, December 29th. This represents a c) dividend on an annualized basis and a dividend yield of 54.0%.

Institutional Investors Weigh In On Special Opportunities Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MAI Capital Management boosted its position in shares of Special Opportunities Fund by 38.6% in the third quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund’s stock worth $81,000 after purchasing an additional 1,450 shares during the period. Wolverine Asset Management LLC bought a new stake in shares of Special Opportunities Fund during the 3rd quarter valued at $112,000. K2 Principal Fund L.P. lifted its stake in shares of Special Opportunities Fund by 18.8% during the 1st quarter. K2 Principal Fund L.P. now owns 11,878 shares of the closed-end fund’s stock valued at $178,000 after buying an additional 1,878 shares in the last quarter. TrueMark Investments LLC bought a new position in Special Opportunities Fund in the 3rd quarter worth $226,000. Finally, Cetera Investment Advisers boosted its holdings in Special Opportunities Fund by 19.5% in the 2nd quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock worth $362,000 after buying an additional 3,811 shares during the period. Institutional investors own 35.60% of the company’s stock.

Special Opportunities Fund Company Profile

Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund’s flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.